Sun Pharmaceutical Industries posted a net profit of Rs 350.15 crore for the third quarter ended December 2010, a marginal increase of 3.3 per cent over the Rs 338.95-crore net profit in the year-ago period. Israel-based Taro became a subsidiary of the company on September 20, and the results for the current period include the relevant results of Taro and its subsidiaries. Therefore, the corresponding figures for the previous periods are not comparable, said Sun Pharma.
Taro Pharmaceuticals helped the company post a 56.8 per cent rise in its total sales at Rs 1,601.07 crore. Total sales stood at Rs 1,020.86 crore in the corresponding quarter of the previous year.
Plagued by regulatory concerns, Sun Pharma’s US-based subsidiary, Caraco Pharmaceutical, recorded a drop in net sales by 22 per cent at $40.4, while its net loss for the quarter amounted to $3 million.
Taro, which mainly operates in the US market, recorded sales of $102 million for the quarter, 23 per cent higher compared to the year-ago period. However, its net profit for the quarter is $4.4 million, 95 per cent lower than the same quarter of the last financial year, and this fall is primarily on account of a large tax expense in this quarter, said Sun Pharma.
“Overall performance across most markets continues to be in line with our expectations. Medium to long-term priorities remain focused on building a stronger presence in our key as well as emerging markets,” said Sun Pharma Chairman nad Managing Director, Dilip Shanghvi.
Sales of branded prescription formulations in India stood at Rs 640 crore, a growth of 20 per cent over the same quarter last year, and accounting for 40 per cent of total sales. Sun Pharma has grown by 18 per cent and now holds 3.7 per cent market share in the domestic market. Nine key products were launched during the quarter in the domestic market, taking the total for the first nine months to 30.
About 369 products have been filed across Sun Pharma, Caraco and Taro for marketing approval in the US. Of this, 220 have been approved by the US drug regulator as on December 31, 2010. Of the remaining, 149 are awaiting approval, while 20 have tentative approvals, said a company release.
Sun Pharma’s share prices fell 1.86 per cent on the Bombay Stock Exchange today to close at Rs 440.6 per share.
